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Bangladesh could not do well: Salman F Rahman

14 July, 2020
Source: Nuevo Periodico

Despite continued progress on various indicators of the country's economy, Bangladesh has been unable to do well in terms of capital markets and income generation. As a result, the contribution of market capital and income to GDP is much lower, said Salman F. Rahman, an adviser to private industry and investment to the Prime Minister.

He was speaking as the keynote guest at a webinar entitled "The Role of Public Accountants in Recovery of the Economy and Increased Border Investment" organized by the Bangladesh Institute of Public Accountants (ICAB) on Sunday.

The special guest at the webinar was CA Sri Lanka President Manil Jayasinghe. The President of the International Federation of Accountants (IFAC) was present as a guest of honor. In that Joe. The opening address was delivered by Robert Hodgkinson, Executive Director (Technical) of the Institute of Chartered Accountants of England and Wales. The ICAB board member was in charge of the operator. Humayun Kabir. ICAB President Mohammad Farooq made welcoming remarks.

Speaking as the main guest, Salman F Rahman said: “We all have to work now to revive the economy. All countries are looking for innovative ways to get out of this crisis. Border investment has always played an important role in the economy. However, it is more important at this extreme time. In addition to border investment, I would like to emphasize border trade. In the current situation, we must focus on increasing border trade.

Noting that we had the highest GDP growth in the world before Atimari, he said Corona had hampered this growth. While Corona has managed to reduce the number of extremely poor people over the years, it will unfortunately increase again. We were also well ahead in the empowerment of women. A large number of women work in the clothing sector in particular. They have also been affected by the effects of the crown. We have also been successful in agriculture. The government is currently focusing on agricultural processing. SME is another important sector. We have to focus on that too.

"Despite progress in various sectors of the economy, we have not been able to do well in terms of capital market revenue generation," he said, adding that the ratio of GDP to market capital is very low. Similarly, the tax / GDP ratio is much lower here than in many other countries in the world, as well as in South Asia.

Public accountants have an important role to play in improving the capital market and the revenue collection situation. Four or five major companies in the world provide advisory services in Bangladesh. In this case, I request the Bangladeshi firms to introduce themselves. Bangladesh companies will be able to understand the country's economy better than foreigners.

In the original article, Robert Hodgkinson, executive director (technical) of the Institute of Chartered Accountants of England and Wales, said that at this time in CWID-19, Chartered Accountants should focus on protecting the public interest.

No matter how bad the company's business situation is, CPAs must ensure high-quality and transparent financial reporting. Public accountants have a role to play in formulating sustainable business models. Above all, we need to overcome this crisis through global cooperation.